Overview
Deutsche Bank AG raised its price target for Adidas AG to €210 per share, up from €200, while reaffirming a Buy recommendation. The brokerage cited stronger earnings momentum, improving brand heat and anticipated demand from the 2026 FIFA World Cup as drivers for a solid upcoming quarter.
Earnings Forecast Updates
Analyst Adam Cochrane increased the 2026 EBIT estimate by roughly 4% to €2.55 billion and lifted the 2027 EBIT projection by about 3% to €3.01 billion. Deutsche Bank also raised its 2026 earnings‑per‑share outlook to €9.80, approaching the €10 level previously forecast before U.S. tariff concerns, and set the 2027 EPS target at €12.20.
Sales and Margin Outlook
The broker expects Adidas to deliver strong second‑quarter results, with World Cup‑related demand adding to robust constant‑currency sales growth. It anticipates the first half of 2026 to represent the peak of sales growth, after which higher gross‑margin expansion and continued cost discipline are expected to become the primary earnings drivers in the second half.
Market Reaction
Despite the upgraded outlook, Adidas shares fell 1.2% in afternoon trading to €178.68, underperforming the broader German market.